57.5% of the adult population in Bulgaria see entrepreneurship as a good career choice, while 71.5% agree that successful entrepreneurs enjoy high status. This shows the first national report oof the Global Entrepreneurship Monitor (GEM) Bulgaria, officially presented on 3 October in Sofia. Read More
The global financial downturn has left entrepreneurs more reliant on their own funding while new sources of entrepreneurial finance such as crowdsourcing are also gaining in popularity, according to the Global Entrepreneurship Monitor 2015-2016 Special Report on Entrepreneurial Finance.
The global financial crisis has left a lingering mark on entrepreneurship across the globe, with the majority of entrepreneurs (95%) relying on their own funding for start-up ventures.
GEM is not the only study on entrepreneurship in the world – other big surveys are the OECD/ Kauffman Entrepreneurship Indicators Program, the World Bank Global Entrepreneurship Survey; and the Eurobarometer Survey on Entrepreneurship.
The main advantages of GEM are that the purpose-build surveys are annual and global, which makes the data comparable. This is priceless when one monitors and analyses tendencies according to the type of economic development. The GEM methodology also allows countries to partner up and share and adapt best practices.
What makes the Global Entrepreneurship Monitor unique?
The Global Entrepreneurship Monitor has been established with three objectives in mind:
- To measure differences in the level of entrepreneurial activity between countries – using one methodology for all participating countries delivers data for reliable comparison year by year and between countries. This is a key characteristic of our tool and the method is constantly being improved.
- To uncover factors leading to appropriate levels of entrepreneurship – we collect data on individuals aspirations, attitudes as well as of the specifics of the local entrepreneurship ecosystem. The expert analysis of the collected data gives an answer which factors affect globally and locally the environment – on individual level as well the framework conditions.
- To suggest policies that may enhance the national level of entrepreneurial activity – the third objective which is a product of the first two -to produce GEM’s annual reports which analyse the data and give recommendations which would improve the entrepreneurship ecosystem short-term and/or long-term, if implemented. The following annual follow-up survey allows us to track the progress and effect of the implementation of our recommendations.
The Global Entrepreneurship Monitor began in 1999 as a joint project between Babson College (USA) and London Business School (UK).
GEM is the largest regular study of the dynamics of the entrepreneurship, whose data and analyses are used by international, regional and national organisations including the European Commission. GEM is the richest resource of information on the subject, publishing a range of global, national and ‘special topic’ reports on an annual basis.
The entrepreneurial activity is part of a complex mechanism involving many activities that seemingly have no direct connection, but are actually indispensable and important part of this mechanism. All the elements that work together to enable entrepreneurship and add value to the economy and society build the entrepreneurship ecosystem.
The definition of entrepreneurship—in the context of understanding its role in economic growth—is as follows: